VCI Wealth Management LLC Makes New $233,000 Investment in Cadence Design Systems, Inc. (NASDAQ:CDNS)

VCI Wealth Management LLC purchased a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 854 shares of the software maker’s stock, valued at approximately $233,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in Cadence Design Systems during the 3rd quarter worth $26,000. Valley National Advisers Inc. boosted its holdings in shares of Cadence Design Systems by 90.4% in the 4th quarter. Valley National Advisers Inc. now owns 99 shares of the software maker’s stock worth $26,000 after buying an additional 47 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Cadence Design Systems in the 4th quarter worth about $28,000. Rakuten Securities Inc. purchased a new stake in Cadence Design Systems during the fourth quarter valued at about $45,000. Finally, Catalyst Capital Advisors LLC lifted its holdings in Cadence Design Systems by 34.7% during the third quarter. Catalyst Capital Advisors LLC now owns 202 shares of the software maker’s stock valued at $47,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 84.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CDNS. StockNews.com raised Cadence Design Systems from a “hold” rating to a “buy” rating in a research note on Wednesday. Piper Sandler dropped their price target on Cadence Design Systems from $334.00 to $318.00 and set a “neutral” rating for the company in a research note on Tuesday. KeyCorp increased their price objective on Cadence Design Systems from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Rosenblatt Securities reiterated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Monday. Finally, Stifel Nicolaus raised their target price on Cadence Design Systems from $300.00 to $350.00 and gave the stock a “buy” rating in a research report on Tuesday, February 13th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Cadence Design Systems currently has an average rating of “Moderate Buy” and a consensus target price of $316.50.

Cadence Design Systems Stock Performance

NASDAQ CDNS traded up $5.33 on Friday, hitting $282.41. 2,131,791 shares of the company’s stock were exchanged, compared to its average volume of 1,579,181. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.32 and a quick ratio of 1.13. The firm’s 50-day moving average price is $304.01 and its two-hundred day moving average price is $280.94. Cadence Design Systems, Inc. has a fifty-two week low of $198.92 and a fifty-two week high of $327.36. The firm has a market cap of $76.88 billion, a price-to-earnings ratio of 72.16, a P/E/G ratio of 3.26 and a beta of 1.04.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings results on Monday, April 22nd. The software maker reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, research analysts expect that Cadence Design Systems, Inc. will post 4.79 EPS for the current year.

Insider Activity

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $308.83, for a total value of $463,245.00. Following the completion of the sale, the director now owns 50,183 shares in the company, valued at $15,498,015.89. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cadence Design Systems news, VP Thomas P. Beckley sold 65,268 shares of Cadence Design Systems stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $296.98, for a total transaction of $19,383,290.64. Following the completion of the sale, the vice president now owns 156,156 shares of the company’s stock, valued at approximately $46,375,208.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Monday, April 15th. The stock was sold at an average price of $308.83, for a total transaction of $463,245.00. Following the transaction, the director now directly owns 50,183 shares in the company, valued at $15,498,015.89. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $52,231,207 over the last quarter. Corporate insiders own 1.99% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.